New affordable homes in Banff come with restrictions on resale prices

The Town of Banff is taking another step in its ongoing effort to boost the amount of affordable housing in the mountain resort community.

Town council recently approved building homes to sell below market value on Banff Avenue, next to the local high school. 

The homes will be available only to those working within the park, and there's already a waiting list.

The growth in value of the homes will be restricted to no more than two per cent each year to help ensure long-term affordability, said Mayor Karen Sorensen.

"By restricting the amount that the home can increase in value if the people that own the home want to sell it, they need to understand when they purchase it through this opportunity … and I wish it was my quote but it's not, 'we're building them a nest, not a nest egg,'" she said.

Banff will also retain some ownership of the homes.

Sorensen says a 2018 survey of 500 residents found that 74 per cent said they were renting and looking to enter the homeownership market in Banff, and 82 per cent said they were looking at leaving Banff in order to be able to purchase a home.

Michel Dufresne, the director of the Job Resource Centre in Banff, says he's pleased the town is taking action.

"They just finished a project and now they're starting another one. So I think that's encouraging to see that. Some towns when they have a problem they do one project and then 10 years go by and then they do another project."

The town says its next project will be a rental development on Cave Avenue.